Pulmonx : Investor Presentation – May 2024

NASDAQ: LUNG

May 2024

© 2024 Pulmonx Corporation

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Forward Looking Statement

This presentation and certain statements made during this presentation contain forward-looking statements that involve risks and uncertainties. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. All statements other than statements of historical facts contained in this presentation, including any statements regarding our ability to design, develop, manufacture and market innovative products to treat patients with challenging medical conditions, particularly those with chronic obstructive pulmonary disease (COPD) and emphysema; our expectations regarding the impact of the COVID-19 pandemic on our business; our expected future growth of our company; the size and growth potential of the markets for our products, and our ability to serve those markets; any projections of financial information, market opportunities, profitability, or financial position; the rate and degree of market acceptance of our products; coverage and reimbursement for procedures performed using our products; our ability to obtain and maintain regulatory approval or clearance of our products on expected timelines; our plans to research, develop and commercialize our products and any other approved or cleared product; our ability to retain and hire our senior management and other highly qualified personnel; the development, regulatory approval, efficacy and commercialization of competing products; our future financial performance and capital requirements; information including the anticipated efficiencies and strategic and financial benefits related to our products; and our expectations regarding our ability to obtain and maintain intellectual property protection for our products are forward-looking statements. The words "may," "will," "should," "expect," "plan," "anticipate," "could," "would," "intend," "target," "project," "estimate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated in this presentation can be found in the Risk Factors section of Pulmonx's public filings with the Securities and Exchange Commission ("SEC"), including the Annual Report on Form 10-K filed with the SEC on February 27, 2024, available at www.sec.gov. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this presentation due to the risks and uncertainties inherent in the Company's business.

© 2024 Pulmonx Corporation

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Investment Highlights

Large Market

$12B opportunity for severe

emphysema

Precision Treatment

Proprietary patient selection

technology & minimally invasive

treatment

Consistent Clinical Results

Clinical benefits demonstrated

across 4 RCTs

100+ scientific publications

Broadly Reimbursed

In global guidelines & reimbursed

in US, Europe and Australia

Global Footprint

>25,000 patients treated

in >25 countries

Strong Pipeline & Team

Additional technology to expand

market, experience to deliver

© 2024 Pulmonx Corporation

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COPD and Emphysema:

A Prevalent Disease with High Unmet Medical Needs

• Emphysema: a form of Chronic Obstructive Pulmonary Disease (COPD) resulting in the progressive destruction of lung tissue
• Accounts for ~25% of all COPD patients1
• Air-trappingincreases lung volume and persistent breathlessness
• COPD among the leading causes of death worldwide

Emphysema Disease Progression

• Hyperinflation

Short of

Breath

• Activity

Deconditioning &

• Breathlessness

• Activity

Deconditioning &  Breathlessness

High Risk of Mortality

© 2024 Pulmonx Corporation 1 Approximately 16M COPD patients in the U.S. as of 2013; approximately 3.8M emphysema patients and 1.5M severe emphysema patients in the U.S. as of 2018.

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Spectrum of Treatment Options

Medical	Pulmonary	Zephyr® Valves	Lung Volume	Lung
Management	Rehabilitation	Reduction Surgery	Transplant

Non-invasive	Non-invasive	Designed to Provide	Invasive	Invasive
Limited effect in	Difficult to sustain	Benefits Similar to	Effective	Effective
Surgery with Broader	>5% risk of death	5-15% risk of death
severe patients	benefits
Eligibility
		Not an option for most	Not an option for most
		Minimally Invasive	patients	patients

Fully Removable

© 2024 Pulmonx Corporation

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How Zephyr® Valves Work

1	2	3
Bronchoscope introduced into lungs	Delivery catheter advanced into	Valve size chosen in one step procedure
of patient with diseased, hyperinflated lobe	target lobe through bronchoscope	and delivered to seal target airway

4	5	6
Zephyr® Valve allows trapped	An average of 4 Zephyr® Valves	Hyperinflation in target lobe is reduced,
air to escape but not to re-enter	delivered to fully occlude diseased lobe	improving lung function and breathlessness

© 2024 Pulmonx Corporation

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The Zephyr Valve Patient Journey

Standard COPD	StratX® Report	Chartis®	Zephyr® Valves	3 Night
Work Up	Assessment	Placed	Stay

Patient undergoes standard pulmonary work up, including pulmonary function testing and CT scan

CT scan uploaded to cloud, generating report to help identify one or more eligible lobes for treatment

Patient sedated & Chartis® procedure simulates valve placement with a balloon catheter in target lobe(s) to test for collateral ventilation

Bronchoscopic placement of Zephyr® Valves in less than an hour procedure

Patient remains in the hospital for monitoring for a minimum of 3 nights following the procedure

© 2024 Pulmonx Corporation

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Collateral Ventilation: A Key Exclusion Criteria

No Collateral Ventilation (CV-)

Collateral Ventilation (CV+)

✓Complete lobar	 Incomplete lobar
fissures	fissures
✓Normal air	 Bypassing of
passage	normal airways
✓Eligible for	 ~50% of severe
procedure	emphysema
	patients

Patient Screening is Critical for Optimal Patient Selection

© 2024 Pulmonx Corporation

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StratX® Analysis Helps Determine Eligible Lobes

CT Scan

StratX Report

Cloud Upload

• Cloud-basedquantitative analysis of CT Scan
• First line evaluation for:
• • Volume
  • Tissue Destruction
  • Fissure completeness - an indicator for collateral ventilation
• Identifies potential lobe(s) for Chartis® Evaluation and Zephyr® Valve treatment

© 2024 Pulmonx Corporation

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Chartis® System: Proprietary CV Testing for

Patient Eligibility

Physiological Measure of Collateral

Ventilation

• Evaluates the presence or absence of collateral ventilation
• Measures changes in pressure and airflow
• Unique, patent protected technology

© 2024 Pulmonx Corporation

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